In addition, it has been agreed between the parties that AEL will divest ~13% shares in Adani Wilmar to achieve compliance with minimum public shareholding requirements. It may be noted that with completion of these two legs, AEL would completely exit its ~44% holding in Adani Wilmar. As on Friday, 27 December 2024, Adani Wilmar had market capitalization of INR 42,785 crores (US$ 5.0 billion).
Adani Enterprises (AEL) will fully exit its 44 per cent stake in Adani Wilmar through a sale of 31.06 per cent to Wilmar’s subsidiary, Lence, and divestment of ~13 per cent to meet public shareholding norms.
Proceeds will fund AEL’s core infrastructure investments.
Adani Wilmar, India’s leading Food FMCG firm, will undergo a name change, pending regulatory approvals.
In consideration of the above, AEL’s board of directors has adopted a resolution noting the resignation of ACL’s nominee directors from the board of Adani Wilmar. The parties have agreed to take further steps for change of name of ‘Adani Wilmar Ltd’.
AEL will use the proceeds from the sale to turbocharge its investments in the core infrastructure platforms in energy & utility, transport & logistics and other adjacencies in primary industry. AEL will continue to invest in infrastructure sectors which will further strengthen AEL’s position as India’s largest listed incubator of platforms playing the key macro themes underpinning India’s growth story.
AEL and Wilmar are the founder shareholders of Adani Wilmar and have jointly built the largest Food FMCG player in India which has won the trust of millions of Indian families. Adani Wilmar is well positioned to benefit from the huge scale of operations, a strong distribution network and retail reach across the length and breadth of India. Adani Wilmar has 100% urban coverage and presence in over 30,600 rural towns in India and exports to over 30 countries globally.
The transaction is subject to customary condition precedents including receipt of applicable regulatory approvals.
Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged.
Fibre2Fashion News Desk (HU)
